Monster Head and Shoulders 2.0We made it through this choke point recently and were shooting for the moon. Ji Jinping made a real dumb move Friday and the markets panicked. The whole world knows he's holding a 7-2 offsuit - a losing hand in polka. The panic is over. The px is coiling. The trend is unmistakable. The support is rock solid. We are in an historical bull market unleashed by the Fourth Industrial Revolution and fueled by an environment of deregulation, tax cuts and a business-friendly administration. Today Powell all but said the Fed will cut interest rates at their next meeting 10.28-29. How will you play your next move?
Our job description as day traders is to take and manage risk. To that end I sold 10 contracts picked up under the choke point. I bot 3 contracts at 24930 and sold 1 contract at 24929.5. If the px retreats to the support level, I will buy it back. As the px goes up, I will sell those 3 contracts every 19.5 points and buy three more at 20 points.
How will you play your hand?
